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9,000 people have gained citizenship by investing in Turkey

In September 2018, a new law allowed any foreigner to acquire Turkish citizenship in exchange for investing in the country or buying a property in Turkey.

More than 9,000 people have managed to obtain Turkish citizenship under new laws that allow foreigners to obtain it after investing in Turkey about $500,000, or buying a property for half that value.

As reported on Thursday by the General Directorate for Population and Citizenship Affairs of Turkey, 9,011 foreign investors have obtained citizenship since the reform of the law was approved in September 2018, with a total investment in the country estimated at $3.2 billion, about 2,8 billion euros.

The new regulation approved more than a year and a half ago allows any foreigner to obtain Turkish citizenship in exchange for making an investment in fixed capital of $500,000 or making a deposit in a Turkish bank for the same amount; before that, $2 million and $3 million were required, respectively.

Turkish citizenship can also be obtained by purchasing a property of $250,000 -previously an investment in real estate of at least half a million was required- or by establishing a company in Turkey that generates at least 50 jobs (before the reform, at least 100 jobs were required).